The Best Online Loans in The Czech Republic

Compare the best options on the market and choose the one which best adapts to your day-to-day needs.

Further Below: Our Guide To Online Loans in The Czech Republic, Everything you need to know.

1. ČSOB

  • Offers both short and long term loans
  • Provides loans to foreigners
  • Provides big loans of up to CZK 100,000
  • Has affordable interest rates of 7.69% p.a
  • Has excellent financing conditions
  • Has fewer commissions
  • Offers long repayment periods of up to 120 months
  • Available to applicants with stable income
  • Provides both secured and unsecured loans

2. Česka Sporitelna 

  • Loans available to 18-year-olds
  • Provides loans of up to CZK 80,000
  • Has attractive interest rates of 5.42% p.a
  • Eligible only to clients with stable income
  • The conditions improve with timely reimbursements of the loan
  • Loans available for a variety of purposes
  • Offers loans to foreigners
  • Facilitates online application

3. Komercni Banka AS

  • Top financing conditions
  • Offers loans at fixed rates
  • Big loans of up to CZK 60,000
  • Has friendly interest rates of 8.34% p.a
  • Provides a variety of consumer loans
  • Has online loan application and banking
  • Eligible to clients with income only
  • Financing conditions improve with timely repayments 

Online Loans in the Czech Republic, All You Need To Know:

Getting online loans in the Czech Republic is easier than you know. In just 15 minutes, you can get financing that overhauls your financial situation forever. Hang tight to understand how to hire a loan that perfectly fits your puzzle. We explain everything about these loans, their conditions, and all factors affecting them in the Czech Republic.

Quick Summary:

  • Online loans are easy and comfortable to apply for
  • They are mostly repaid after one month and in full (principal amount plus the interests)
  • The loans are small by design
  • They are meant to address small economic needs
  • They should only be taken out when there is no other source of money
  • They are known for their very high interest rates
  • Their application involves less paperwork 
  • They have fewer and less strict requirements

What are mini-online loans and how do they work?

Mini-online loans are financial instruments that we can take out without stepping into the lender’s office. The lender has an established online platform that ensures that every step of the application happens online including submission of the documents and signing. The loans are expected to be repaid after a fixed period and under a series of conditions.

Mini online loans are small financial instruments that come in handy when we are faced with small and mostly unexpected financial contingencies. You’re advised to take these loans only when you cannot find another alternative. The loans are considered more expensive than other loan types because of their very high interest rates and short repayment periods. 

After taking out a loan, the borrower is expected to repay it after exactly 30 days. Any time beyond this will increase the cost of the loan. Additionally, the loans provide small amounts of money. New applicants may get CZK 10,000 (400 euros). However, the financing conditions may improve for older loyal clients who may get CZK 20,000 (800 euros). 

What we should know about mini-credits

  • They are only taken when faced with an urgent and untimely financial need
  • New clients qualify for small amounts of up to 400 euros (CZK 10,000)
  • The borrower is expected to repay the loan in full after 30 days
  • The processing of the loans takes 15 minutes 
  • They have very high interest rates 
  • Can lure you to over-indebtedness when not taken out responsibly

When is it advisable to apply for online loans?

Mini online loans have a very comfortable, easy, and fast application process. With them, you can get money from the comfort of your home, without having to visit the entity. This sounds appealing to many, that’s why they are mostly abused. 

Hence, before you hire this loan, it’s important to find out which circumstances should lead you to make that decision.

It is advisable to apply for mini-loans if/if not:

  • You’re faced with a one-off expense
  • The need cannot wait for your next paycheck
  • You can repay it without straining
  • You do not solicit on a regular basis
  • You’re aware of the total amount you’ll repay including commissions
  • You’re aware of the all conditions of the loan
  • You’re faced with a recurring expense
  • The purpose can wait for alternative financing
  • You may not be solvent enough to repay it
  • You would like to hire the loan in the future
  • You are not sure of how much you’re expected to repay
  • You don’t have an idea of how these loans work

Instead of narrowly taking out these loans because of their fast concessions and applications, use the above parameters to determine whether they are what you need. The loan should change your financial situation for the good.

How much money can I get with mini-credits?

It’s now clear that mini-credits are a source of small amounts of money. If your need requires a large financial injection, you may opt for a bigger loan. 

New Clients:

Up to CZK 10,000 (400 euros)

Existing Clients:

Up to CZK 20,000 (800 euros)

Entities take risks when granting these loans because they are unsecured and provide financing to new clients. This is why new borrowers can only access small amounts. The lender will take time to assess the behavior of the client during repayment. If the client is loyal to repay the loan in time and abides by the conditions of the loan several times, the lender may consider improving the conditions for them.

In many cases, the lender will increase the loan limits and lower the interest rates. Moreover, some may go ahead and extend the repayment period.

Requirements to access the online loans

Online mini loans have few and less strict requirements. However, many applications are rejected when the borrower fails to meet all the spelled out requirements. 

  • Have an income. This is among the first requirements the lender looks at. Before giving out the credit, the lender needs to be confident that the money will come back. Your income will demonstrate your ability to repay it.
  • Be of legal age. Be at least 18 years old. However, some lenders avoid providing loans to such people because many of them are unemployed and may not afford the loan. Many entities have 21 years as the minimum age requirement.
  • Be a resident of the Czech Republic. Regardless of your nationality, having proof of your residence in the country will allow you to access financing.
  • Do not appear on any defaulters’ list (CRIF or CCR). On very rare occasions will you qualify for a loan with a poor credit history.

Remember to meet all the above requirements to reduce the chances of having your application dismissed.

Documents to be submitted when requesting an online loan

The lender will request you to send supporting documents that prove your eligibility. You may be required to send them via mail, or a courier, by scanning a code or uploading photos.

  • Valid identity card.
  • Last paycheck or income received (sometimes you can ask for the last three)
  • Bank statement showing the holder and the account number.

Failure to submit a single document will make the process of verifying your data hard. Hence, be sure to submit all the documents to avoid going back and forth.

How to take out mini loans online step by step?

Steps to contract a mini loan:

  1. Choose the amount and term
  2. Fill in the form
  3. Send the documentation
  4. Read and sign the contract

The processing of mini-online loans is easy and fast. In 15 minutes, the lender will have released the money to our account. 

Follow the following steps:

  1. Request your preferred amount and repayment time. You’re required to specify to the lender the amount of money you need and the time you’re planning to take to repay it.
  2. Fill out the application form. The lender will send you an application form with blank spaces. Be sure to fill out all the blank boxes with the most genuine information about yourself: name and surname, ID, date of birth, mobile, and address, among others.
  3. Verification. This happens online through an online verification system. The lender verifies your data, looking out for any conflicting data. The lender proceeds to verify our application if no mistakes appear.
  4. Read and sign the contract. The lender will send you contractual forms by email. Read them through as you note down the small print. This is crucial as it will prepare you for any changes in the future. If the loan appears good to you, sign the contract before sending the documents back to the lender. 

The lender will also sign the contract, formalize it, and release the funds to your account. 

About this page, our methodology

What this page is for: we’re here to help you get the best financing for your needs. Hence, through numerous research, we provide quality and easy-to-understand information about consumer credits and all you’re required to do to hire the best offer in the market.

Source: the information regarding consumer credits in the Czech Republic and their regulations has been drawn from the Czech National Bank among other reference portals. 

Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

About Us: FUDGECKO is an online comparator website dedicated to offering assistance in personal finance and home economics products. Besides comparing the conditions of the available offers, we avail you of quality information that guides you through getting an offer that’s most compatible with your needs and peculiarities.Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.

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